N&Q: Step-brother takes over huge pharma group; CIOs and family offices…

Italian drugmaker appoints new head after death of CEO

Recordati, one of Europe’s biggest pharmaceutical groups, has appointed Andrea Recordati as its new chief executive following the death of his 66 year-old step-brother Giovanni. Media reports in Italy have been speculating the Recordati family might be looking to sell their share in the business. The death of Giovanni, who had been CEO since 1990, has further fuelled that speculation, but the group has repeatedly denied it is up for sale. Founded in 1926 and with a listed value of around $6 billion, Recordati is 51.8 percent owned by family holding company FIMEI.

 

Do CIOs spend longer at family offices or asset managers?

OK, Family Capital isn’t about to answer that question, but instead, raise it as an issue. It’s prompted by the recent news that Ted Burdick, the chief investment officer of George Soros’ huge family office, is stepping down after less than a year in the job. Could it be that working with a big personality like Soros isn’t that easy? Of course, Burdick isn’t saying, but it does raise questions about the longevity of a CIO at a family office, especially because many of them are led by individuals with big personalities like Soros. Expect more research on this in future editions of Family Capital.

 

Next gen women in Indian family businesses

The Economic Times of India has run an interesting piece about next generation women in the country’s huge family business sector. As times goes on, family businesses there are coming to terms with women taking a much more active role within the family business. The piece featured some profiles of women breaking down barriers and taking on top roles within their family’s business.